The Ohio Department of Insurance has approved American Financial Group’s previously-announced sale of certain annuity businesses.
The deal consists of Great American Life Insurance Company and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company.
MassMutuals is the acquirer and this deal is expected to close on May 28, upon which time AFG will receive total after-tax cash sale proceeds of $3.4 billion.
This announcement follows AFG securing a Q1 net income of $419 million, compared to the $301 million net loss posted in the prior year quarter.
The company’s first quarter 2021 combined ratio improved to 88.5%, improving 3.7 points from the prior year period.